Universal Life

Product Features

Who should take this policy?

Any individuals from the age of (18) to (65) who is looking for an insurance plan to save a guaranteed cash value within a certain period when aging and a plan to reduce the financial burden on the dependencies because of not being able to perform any income-generating work should take this policy.

Things that are assured

The followings are provided under this life insurance.

  1. 1. As a wealth management program, to accumulate and increase the cash value within becoming aged
  2. 2. The following risks are covered during the policy
  •     • loss of income for the dependencies due to the premature death of the breadwinner (the insured)
  •     • loss of income due to the total and permanent disability of the insured

Exclusion Clauses

Risks that are not entitled for the Death Benefit

If the insured dies directly or indirectly for any of the following reasons, the insured is not entitled to Death Benefit or Total Permanent Disability Benefit.

  • (1) Due to preexisting disease
  • (2) Due to suicide attempt
  • (3) Due to overusing drugs or alcohols
  • (4) Due to HIV/AIDS and relating diseases

Who can purchase this insurance?

The Policyholder

(A) As long as the proposer (who will become the policyholder) has the insurable interest with the insured and the mutual agreement between them, the insured can be any of the following individuals:

  1. 1. Our lives (the insured and the policyholder here is the same)
  2. 2. Wife or husband’s life
  3. 3. Children’s lives
  4. 4. Individual with Insurable interest

(B) A legal entity (who will become the policy owner) can propose to purchase this insurance for employer(oneself),employee and partnerships who are responsible for progression and improvement if there is a mutual consent for the life of any individual with an insurable interest.

Sum Insured and Premium

According to desired sum insured, annual premium due to eligibility could be basically calculated on the following sum insured sum multiplier. Premium could be starting from minimum 50000MMK per month (6 lakhs MMK per year).

(Monthly premium could not be over 25 lakhs MMK.)

Eligibility due to policy term Insured sum multiplier
Within 18 to 25 years 55
Within 26 to 35 years 50
Within 36 to 45 years 35
Within 46 to 55 years 25
Within 56 to 60 years 15
Within 61 to 65 years 10

For example, because of the multiplier 50 for 300 lakhs MMK of sum insured, as for 35 years old man, he has to pay 600,000 MMK of annual premium.

Increasing premium

(1) ordinary increasing - starting from 10,000 MMK based on multiplier

(2) extraordinary - starting from 30,000MMK

Policy Term

Can be purchased from minimum 15 years to maximum 62 years. The policy shall be expired at the 80 years of insured. (The insured’s age must be within 18 to 65 years.)

Surveillance period

The policyholder can cancel and return the policy within 14 days from the day of policy acceptance. The fees for medical check-up by itself and other expenses such as risk evaluation expenses will be extracted when refunding.

Premium Payment

Premium can be paid monthly, quarterly, semiannually, and annually as desired on the given date.

Premium discontinuation

When the policy is commenced, the policyholder can propose for premium discontinuation because of the various reasons due to hardships for premium payment.

Grace period

  • • From the day of the sum insured is zero or below zero, grace period 30 days is granted.
  • • In case for exceeding grace period 30 days, if required basic premium and additional premium are failed to settle, the policy will be lapsed and ceased.


You may reinstate your policy within 12 months from the policy lapsed date. The missed monthly premium(s), the interest and other outstanding must be paid in lump sum for the reinstatement of your policy. If it is more than 6 months, you must provide a satisfied medical record that costs you on your own and shows the evidence of good health condition. Policy reinstatement only depends on our approval.

Saving process

Premium amount and annual saving benefits, extracting the fees and wages will be put in the policyholder’s saving account.

  • (1) Coverage fees- for death loss and total permanent disability
  • (2) Distribution fess- for initiation and process-running (it only has to be paid for first 8 years.)
  • (3) Policy fees- for maintaining policy and services
  • (4) Financial management- for managing saving and financial accumulation (Saving report- annual report will be sent yearly.)


Saving Benefits

The minimum interest rate will be ensured and based on the occasional changed interest rate, saving benefits will be included and granted in the account depending on the annual calculation of yearly interest rate.

Survivor benefits

If the insured could live till the policy expiration without taking death benefits and total permanent disability, he or she (policyholder) can enjoy the full savings.

Death benefits

If the insured is dead during the policy term, the beneficiaries can completely be granted with the much more proper amount from among the sum insured and savings.

Upgraded total permanent disability benefits

If the insured is total permanent disable and not to able to perform any income-generating work, the policyholder can completely be granted with the much more proper amount from among the sum insured and savings. (It is valid until the insured is 65 years old.)

Policy surrender

For in-force policy, if the policyholder wants to cancel the policy, he has the right to return the policy and request a surrender value.

  • Partial withdrawal

    The partial surrender for policy which has reached 60 days can be asked to claim. Minimum 100,000 MMK and its multiplier can be done so.
  • Full withdrawal

    for in-force policy after accepting, the policyholder has the right to return the policy and request a surrender value.

Other surrender

Excluding the rest premium (no interest) to be paid for the company and expenses used for the policyholder, the rest will be surrendered for the following reasons.

  • Asking benefits due to invalid issues
  • Asking benefits due to acceptation with restriction
  • Fraudulence in the 2-year-old policy
  • Leaving main important information which is to be disclosed
  • Invalid policy due to incorrect information